As a developer works against the clock on plans for the Oakwood Mall redevelopment, city officials can only speculate as to what will happen if a May 31 deadline to close on the property is not met.
"I think the patience with continuing to be strung along is nil, but this is a complex deal and so it does take time. We'll know more over the next two months, whether it's going to work out or not," City Manager Jerald Gilbert said.
The city cannot just write a check and leave it hanging out there, Ward 3 Commissioner Ben Ezzell said.
"Realistically, there's some point in which we as a city reach a tipping point, where there's been enough successful retail development in Enid that I think the city's need to incentivize future development decreases. So, retailers and real estate developers go where they have somebody else be successful," he said. "In Enid, we've struggled to get a big development that would demonstrate how much untapped potential we have here for retail development, but there will reach a point where we as a city could say, 'Look, come here and build or don't. These other folks are sure making an awful lot of money, we think you probably will too. So, why on earth should we have to write a big check?' And I don't think we're there yet, but you have to set a deadline for these folks."
It would be pure speculation as to what would happen if the deadline is not met, but Ezzell said he thinks it is an obvious site for development.
"If it doesn't happen, somebody else will come down and do it, I hope," he said.
The city got involved because it recognizes the mall needs to be redeveloped and modernized, Gilbert said.
"I'm sure that the city would continue to look at that, but we also know that we've got our, quite frankly, our own investment at Cleveland and Garriott that we're also looking at trying to get developed. We would continue to look at all options that are good for the city," he said.
The city's retail consultant, Rickey Hayes, of Retail Attractions, said he is hopeful.
"I think what I'm hearing from the developer, from the mall owner and from the city is that we're probably closer than we've ever been on the movie deal. They're actually working on TIF documents," he said.
While Hayes said he cannot speak for the commission, they might be open to extending the deadline if they "could see the light at the end of the tunnel in May."
"If there's not progress made, and the developer walked away, and then the deadline wasn't extended, that doesn't do anything to the demand. The demand's still there, the site itself is still right at the nexus of the retail corridor in a market that is under-retailed," he said.
Hayes said the developer has been piecing the deal together for a couple of years.
"I think we could get there," he said. "It just depends on a number of moving targets, and a lot of those have to do with the tenant leasing. Right now, the real pivot point is the theater deal. I know there's interest from the theater group, I know there's interest from the developer and the owner, and I know there's interest from the city. I'm hopeful we can pull all those positive forces together and see that happen."